Martin Lewis on Lasting Power of Attorney

29th May 2025

Updated: Thursday 2nd April 2026

Martin Lewis on Lasting Power of Attorney is something that’s gained a lot of traction in recent years. He’s repeatedly urged people across the UK to treat an LPA as an essential part of any financial planning they do, not just some optional extra.

More important than a will, in some respects.

That might surprise some people. But when you understand how it actually works, the reasoning starts to make sense.

Why does Martin Lewis say an LPA matters so much?

Simply speaking, a will only applies after you die, while a lasting power of attorney protects you while you are still alive.

If you lose mental capacity, because of something like a stroke, accident or serious illness, your loved ones don’t automatically have the legal right to manage your bank account, deal with your pension or make decisions about your care.

Without a registered LPA, your family would need to apply to the Court of Protection to become a deputy to get similar access as an LPA would give you. This can take months to happen and will involves ongoing supervision and fees.

Martin’s point is simple. The real financial risk you’re taking isn’t only what happens after death, but what happens if you can’t act for yourself when you’re still here.

So, what is a lasting power of attorney in the UK?

A lasting power of attorney is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you lose mental capacity at some in the future.

There are two types of LPA in England and Wales, for Property and Financial Affairs & Health and Welfare.

Both must be formally registered with the Office of the Public Guardian before they can be used, so just filling out the application forms isn’t enough.

Is an LPA only for older people?

No.

This is a big myth.

Martin Lewis has spoken openly about setting up his own LPA at a relatively young age. His message is clear. Loss of capacity is not just about being diagnosed with dementia or getting old. It can happen at any stage of life.

Accidents happen. Serious illness can strike unexpectedly. Planning early means you have something in place to help you if something goes wrong.

What happens if I don’t have a power of attorney?

If you lose mental capacity without an LPA in place, it’s not uncommon for banks to freeze accounts.

Mortgage payments and general household bills can become difficult to manage.

Care providers aren’t obliged to accept instructions from family members.

You’ll then need to go down the route of applying for a deputyship order through the Court of Protection. This is slower and usually more expensive than just setting up an LPA in advance, but it’s something many families only discover when they’re in the thick of it.

Is setting up a lasting power of attorney complicated?

It doesn’t have to be.

The forms must be completed carefully and signed in the correct order. They’re then registered with the OPG.

Guided online services such as Power of Attorney Online walk you through each section and help reduce the risk of common errors that can lead to rejection when your application gets to the OPG.

Why should an LPA be part of financial planning?

Financial planning is typically about protecting what you have built and a lasting power of attorney is a tool that protects your ability to control it.

That is why Martin Lewis continues to advocate for it alongside savings, pensions and wills.

If you have been meaning to sort it out, it’s a timely reminder from him.

It’s not about fearing the worst. It’s about making a sensible, informed decision while you still can.